New technology cuts costs for retail & wholesale businesses

Moore Stephens’ 2018 Owner Managed Business (OMB) report finds that 86% of retail and wholesale business leaders view the strength of the UK economy in 2018 to be their largest external concern, with 52% explicitly highlighting Brexit as the primary issue.

There has never been a better time for CEOs and CFOs to explore ways to improve back office efficiency and reduce costs. The retail sector is an important barometer for the UK economy as whole and it is facing a fight for survival. With the economic uncertainty on what type of Brexit is going to take place, conditions are likely to remain volatile for a number of years.

Our report also finds that 68% of retail and wholesale OMB respondents view advancements in technology to be an opportunity for their business and 38% are planning to reduce costs or overheads.

In order to continue to thrive during this uncertain period and take advantage of these new technological advancements, why not explore alternative business models, including the potential for financial outsourcing?

Financial outsourcing has moved on from the well-known ‘off-shoring’ models of the past that were adopted by many larger institutions across a number of sectors. Now, advanced accounting systems that utilise cloud-based technologies and enhanced process automation are available from ‘tech savvy’ financial outsourcing advisers, and we at Moore Stephens have firmly established ourself in this space with our Stream solution. These systems allow senior executives and finance officers to maintain close visual control of their company’s financial performance wherever they might be in the world, reduce overhead costs and achieve follow-on savings in a wide range of administrative cost areas.  The outsourcing model is particularly well suited to certain companies where the managers of the business (the retail experts) can function with a lean administrative function.

Our Stream solution
Our cloud-based software, Stream, is a complete online finance and accounting solution that allows you to view and drilldown into your financial data through one easy-to-use central hub. Combined with the advice and support from our dedicated outsourcing experts who specialise in the retail and wholesale sector, you can focus on the day-to-day running of your business and the actions that deliver real value. Our specialists will take care of your accounting and reporting and, through Stream, you can access, interrogate and interact with key business information whenever and wherever you want.

You can reduce your cost burden while maintaining control of your financial information by embracing these new technologies. At the same time, you can enhance your own internal systems and controls, ensuring the company’s assets are safeguarded and accurately recorded. 

For more information on how a combination of financial outsourcing and new accounting system technologies can benefit your business, please contact us.

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